El Salvador Signs OECD Agreement Against Tax Evasion

The agreement signed with the Organization for Economic Cooperation and Development implies limitations on banking secrecy, and an obligation to exchange tax information.

Tuesday, June 2, 2015

From a statement issued by the OECD:

El Salvador joins international efforts to combat international tax evasion

01.06.2015 - El Salvador has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 86th signatory on the most complete international tool for boosting cooperation against international tax evasion.

The Ambassador of El Salvador in France, Francisco Galindo Velez, signed the agreement in the presence of Carlos Caceres, Minister of Finance of El Salvador.

El Salvador is the eighth country in Latin America and the third member of the Central American Common Market - after Costa Rica and Guatemala - to have joined the Convention.



More on this topic

Guatemala: Banking Secrecy and Tax Audits

January 2017

The Tax Authority is considering using this new tool in its audit plan for 2017.

From a statement issued by Tezó & Associates:

THE LIFTING OF BANK SECRECY IS A FISCAL TOOL THAT THE SAT WILL MAKE USE OF IN 2017 

Costa Rica Ratifies Agreement on Fiscal Transparency

April 2013

The agreement includes the exchange of information on request, automatic exchange, simultaneous tax examinations and assistance in the collection of tax debts.

Costa Rica has deposited its instrument of ratification of the Convention on Mutual Administrative Assistance in the field of taxation, the broadest multilateral agreement ever regarding tax cooperation and information exchange.

Costa Rica Signs Tax Convention with OECD

March 2012

Adherence to the Multilateral Agreement involves sharing tax information with 23 countries, allowing advances to be made in international transparency policies and the fight against tax evasion.

A statement from the Finance Ministry reads:

COSTA RICA SIGNS INTERNATIONAL TAX COOPERATION CONVENTION WITH 23 COUNTRIES

End of Banking Secrecy in Tax Matters?

April 2009

Costa Rica will make modifications in its legal system to avoid the penalties proposed by the G20 for countries that do not exchange information on taxes.

Finance Minister Guillermo Zúñiga agreed that the issue of transparency in tax matters and the international exchange of tax information, although it was raised for years, was recently priorized due to the recent decision by the G20 to recommend sanctions against countries that do not cooperate in this regard.

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